The Oil And Gas Cloud Applications Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Oil And Gas Cloud Applications Global Market Report 2024, The oil and gas cloud applications market size has grown rapidly in recent years. It will grow from $6.84 billion in 2023 to $7.76 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to operational efficiency, regulatory compliance, disaster recovery & security, legacy system modernization, remote asset management.
The oil and gas cloud applications market size is expected to see rapid growth in the next few years. It will grow to $12.9 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to demand for real-time insights, energy transition initiatives, geopolitical factors, emerging market growth, focus on sustainability. Major trends in the forecast period include hybrid cloud solutions, predictive maintenance solutions, edge computing integration, data sovereignty compliance, subscription-based models.
The growing adoption of private cloud for encryption of data is expected to propel the oil and gas cloud application market going forward. Cloud encryption is the act of converting data from its original plain text format to an unreadable format, such as ciphertext before it is sent to and stored in the cloud. One of the most effective elements of the company's cybersecurity approach is encryption. Without the encryption keys, cloud encryption renders the data useless and incomprehensible. This holds even if the data is misplaced, taken, or disclosed to an unauthorized user. Thus, the adoption of private cloud for encryption of data is creating demand for cloud applications in oil and gas sector. For instance, according to the report published by Help Net Security, a Croatia-based independent site, focusing on information security, in June 2021, in the Middle East, the adoption of encryption for private cloud infrastructure has increased by 8%. As more data is moved to the cloud, there is an increasing need for cloud security. Therefore, the growing adoption of private clouds for the encryption of data is driving the growth of the oil and gas cloud application market.
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The oil and gas cloud applications market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Operation: Upstream, Midstream, Downstream
3) By Deployment Model: Hybrid, Private, Public
Technological advancements have emerged as the key trend gaining popularity in the oil and gas cloud application market. Major companies operating in the oil and gas cloud application market are developing innovative technologies to strengthen their position in the market. For instance, in October 2021, Nutanix Inc., a US-based computer software company, launched Nutanix Enteprise Cloud, a unified IT operating environment that melds private, public, and edge clouds, providing a single point of control for managing infrastructure and applications. It delivers a consistent, high-performance experience for cloud operators and consumers of cloud-delivered services. The Nutanix Enterprise Cloud OS can manage the demands of even the most demanding applications, from the data center to the drilling rig, including the suite of tools and technologies used by the oil and gas industry, by combining a web-scale 100% software approach with one-click ease.
The oil and gas cloud applications market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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The oil and gas cloud applications market the increasing adoption of cloud-based technology, the increasing need for real-time data from the field and the adoption of cloud technology which provides real-time data and store huge data securely are the major factors driving the oil and gas cloud applications market.
The contribution of sensitive huge amount of data to grow the oil and gas industry, rising need for cost optimization and the use of various oil and gas companies to have solutions for their problems and have quick access to data created in upstream, midstream and downstream activities and rise in demand for private cloud for encrypting data and lowering operational costs accelerate the oil and gas cloud applications market growth.
Additionally, rapid industrialization, the demand for crude oil and natural gas, increasing need for cost optimization, rise in the standard of living, surge in investment and expansion of oil and gas industry positively affect the oil and gas cloud applications market growth.
The oil and gas industries are generating large data that need to be stored and the oil and gas cloud applications refers to the software that stores the data.
Oil and gas cloud applications solutions consist of various offerings from web-hosting services to integrate technologies by the several enterprises and reduce the overall operational cost.
These are used by both small and large enterprises.The Global Oil and Gas Cloud Applications Market report takes into account all the company profiles of the major players and brands.
